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Products April 7, 2015
FRA PlanTools Outlines Compliance Enhancements
FRA PlanTools says its compliance solutions have been “re-engineered from the ground up” to better serve Employee Retirement Income Security Act (ERISA) fiduciaries.
Reported by PLANADVISER staff
The FRA PlanTools line of retirement plan compliance solutions now features a new interface that is easier to navigate, the firm says, adding that users can customize steps and processes for a given report or set of reports to make using the system more efficient.
This means it will take plan fiduciaries less steps and clicks to create the same quality reports, FRA PlanTools says. In addition, the updated dashboard provides more relevant data on an adviser’s practice.
FRA PlanTools also added a client resource center—a “state-of-the-art micro-site for responsible plan fiduciaries” that is accessed through covered service provider websites. The site offers a covered service provider directory, performance and risk statistics, benchmarking, fee analysis, a resource library and a document lockbox for reports created in the PlanTools system.
Other updates were made to the automated adviser request for proposals (RFP) search process provided by FRA PlanTools.
“As a result of the growing popularity of our adviser search, we are opening the system to any adviser that wishes to participate without imposing a background check,” the firm explains. “Advisers will only be required to complete a background check, at their cost, if demanded by the plan sponsor. Advisers must sign a contract committing to scheduled updates once every six months. In addition, an adviser only pays a flat fee when they win an engagement.”
Additional reports and functionality will be implemented by FRA PlanTools during the coming year, the firm says. More information is at www.fraplantools.com.